COQUITLAM, BC -- 02/05/08 --
Ikona Gear International, Inc. (OTCBB: IKGI),
an innovator of compact, lightweight, oil and gas machinery and gearing
technology, announced today that it will be exhibiting its products for the
oil and gas industry at four major 2008 industry conferences in North
America and the Middle East.
"We believe 2008 is a breakout year for Ikona with our products being
validated by industry leaders," said Ikona CEO Laith Nosh. "We are
aggressively marketing our products to the highest echelon within our
target markets, which has resulted in a prospective order pipeline of over
$30 million. Our sales cycle is currently running between six to eight
months," added Nosh.
Mark Your Calendar
Known as the world's foremost event for the introduction of the newest and
most advanced technologies targeting the oil and gas industry, the Offshore
Technology Conference, being held May 5 through 8 in Houston, Texas, is the
ideal venue to market offshore resources to the drilling, exploration,
production, and environmental protection fields.
The Global Petroleum Show, being held June 10 through 12 in Calgary, AB, is
regarded as the most significant petroleum event anywhere in the
world. Since its inception in 1968, the event is renowned for its
first-rate presentation of the latest technology in the fields of onshore
and offshore exploration, production, and transportation.
Every even-numbered year, the Permian Basin International Oil Show, being
held October 21 through 23 in Odessa, Texas, brings together executives
from every phase of the petroleum industry. These industry leaders come to
Odessa from every corner of the world to learn about the latest technology,
the newest equipment and, most importantly, to conduct business.
The largest oil and gas event in the Middle East, the Abu Dhabi
International Petroleum Exhibition & Conference, being held November 3
through 6 in Abu Dhabi, UAE, will be staged at the beautiful new Abu Dhabi
National Exhibition Centre and is fully endorsed by the UAE Ministry of
Energy, the Abu Dhabi National Oil Company and the Society of Petroleum
Engineers (ADIPEC). The conference will host the more than 30,000 industry
executives who are spearheading the growth and development of the global
oil and gas industry.
"Over the next year we will be introducing our oil and gas product line to
executives from some of the world's largest petroleum companies at the most
prestigious industry technology conferences," commented Ikona Executive
Vice President Joe Vosburgh.
"Our Mud Pump Drives and Drawworks, which will be on display in our
exhibit, validate our breakthrough design," continued Vosburgh. "When
compared to other products on display, our Mud Pump Drives and Drawworks
will weigh less and present a much smaller footprint. In addition to
freeing up space on the drilling platform, our products, which are self
contained, require less downtime for maintenance, use less energy and do
not require special permitting or multiple tractor trailers for moving from
site to site."
Ikona Mud Pump Drives
Ikona's Mud Pump drives facilitate the desired speed and power of the
drilling rig mud pump and produce the required flow and pressure for
powering the drilling head. They represent a considerable savings in
capital expenditure versus existing assembled solutions and enable oil and
gas packagers to reduce the overall footprint of the mud pump package by up
to 40 percent. Their compact footprint eases permitting requirements,
making the mud pump system easier and less costly to transport, minimizing
rig downtime.
Ikona Drawworks
A drawworks is the heart of the drilling rig -- the main hoisting winch on
a drilling platform, designed to lift drilling lines up and down the drill
hole. Ikona's 2-speed Drawworks provide the operator with enhanced lifting
capacity, improved maneuvering at high speed, and the required power for
heavy lifts. Ikona's Drawworks are completely enclosed requiring minimal
maintenance and provide a smaller footprint than competitive products.
Ikona's Drawworks are 50-60 percent smaller and lighter than all competing
products -- a critical feature for offshore drilling applications where
space and weight are at a premium. Their rugged, compact, and lightweight
design facilitates the ease of relocating a rig between drilling locations,
reducing downtime, and providing Ikona's customers with a significant
competitive advantage.
About Ikona Gear
Ikona Gear is a knowledge-based company with innovative and proprietary
products targeting two significant markets: oil and gas field machinery,
gearing, and power transmission applications. The company provides a family
of mud pump gear drives, hoisting drawworks and speed increasers that have
established new standards within the oil and gas industry for their
efficiency, weight, and small footprint on the drilling platform. The
company's unique patented gear technology enables engineers to design gear
products with a higher power-to-weight ratio, increased control and
precision of gear movement, extremely high input-to-output speed ratios and
generally superior application performance over standard gearing systems.
It is best suited for applications with deep ratio requirements and weight
and size constrains such as the automotive industry, satellite
communications equipment, robotics and medical devices. Ikona trades on the
OTCBB trading system under the symbol "IKGI" and on the Frankfurt Exchange
under the symbol "lG2." For more information, please visit www.ikona.ca.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains forward-looking information within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, including
statements that include the words "believes," "expects," "anticipate" or
similar expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the company to differ materially
from those expressed or implied by such forward-looking statements. In
addition, description of anyone's past success, either financial or
strategic, is no guarantee of future success. This news release speaks as
of the date first set forth above and the company assumes no responsibility
to update the information included herein for events occurring after the
date hereof.
Investor and Media Relations Contact:
Marty Tullio
McCloud Communications, LLC
949.553.9748
Email Contact
Company Contact:
Scott Rose
Ikona Gear International
604.523.5507
Email Contact
